81.82% of the sport’s sponsorship portfolio has signed on since the release of the show. (Mark Thompson/Getty Images)

The 2024 edition of single-seater motor racing’s iconic Formula One (F1) series is set to generate over $500 million in annual sponsorship revenue, according to a new GlobalData report.

F1, which boasts 22 active sponsorship deals for its ongoing 2024 season, will net $513.75 million from these yearly deals according to the “Business of the Formula One 2024 – Property Profile, Sponsorship and Media Landscape” report.

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Much of this is thanks to the value of the competition being powered by the hit Netflix documentary series surrounding it, Drive to Survive.

Now in its sixth season, the wildly popular docu-series has seen F1’s popularity skyrocket, with team and driver social media followings swelling as fanbases grow, driven by the access-all-areas approach of the show.

Jake Kemp, analyst at GlobalData, has commented: “The success of the series has almost certainly been the driver of its commercial success over the past few seasons, with new global brands eager to become aligned with the series.

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“Of the 22 active sponsorship deals in Formula One, some 81.82% of the portfolio was only originally signed after the release of the first season of Drive to Survive. Partnerships with DHL, Heineken, Pirelli, and Rolex are the only ones to outdate that of the initial series release.”

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Even those partnerships that predated Drive to Survive have swelled in value since the show’s introduction.

International logistics firm DHL, F1’s longest-standing global partner, renewed its partnership earlier in 2024 in a deal estimated by GlobalData to be worth as much as $42 million annually.

Heineken, the series’ most valuable partner with a $60 million estimated annual sponsorship value, was also renewed in May 2023, with the continued commitment of such partners a testament to the continued strength of F1’s growth.

The most valuable deal that F1 has concluded since the massive growth in popularity propelled by Drive to Survive is its partnership with Qatar Airways.

Announced in February 2023 as the sport’s new official airline partner, replacing rival Emirates, F1 derives an estimated $45 million annually.

Emirates’s partnership with F1 had only reportedly been worth around $25 million per year, indicating the substantial value growth for F1 in such a short time.